POST UTME LEAD CITY UNIVERSITY 2020 Accounting | Objective
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Question 1
The following is an extract from the trial balance of XYZ Ltd. at 31st December 2022.
Question 2
A company uses the single-entry system of accounting. The company's records show a cash receipt of ₦120,000. What is the effect of this transaction on the company's net income?
Question 3
A company's balance sheet at 31st December 2022 is as follows:
Share Capital: ₦200,000
Reserves: ₦150,000
Debtors: ₦120,000
Cash at Bank: ₦150,000
What is the company's total equity?
Question 4
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
(1) Purchased office supplies for ₦10,000 cash.
(2) Sold goods for ₦20,000 on credit.
(3) Purchased a machine for ₦50,000 on credit.
(4) Collected ₦15,000 from a customer who owed the company ₦20,000.
(5) Paid ₦30,000 to a supplier who owed the company ₦40,000.
Determine the total amount of assets, liabilities, and equity of the company at the end of January.
Question 5
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Direct Materials: ₦150,000
Direct Labour: ₦100,000
Prime Cost: ₦250,000
Overheads: ₦50,000
What is the company's total cost of production?
Question 6
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
Question 7
The following is an extract from the trial balance of XYZ Ltd. at 31st December 2022.
Question 8
A company has the following ledger accounts:
Debtors: ₦50,000;
Creditors: ₦30,000;
Capital: ₦100,000;
Profit: ₦20,000.
Determine the total amount of assets, liabilities, and equity of the company.
Question 9
A company's profit for the year ended 31st December 2020 was ₦1,200,000. Its capital consisted of ₦500,000 in 10% preference shares and ₦700,000 in ordinary shares. The company paid a dividend of 10% on the preference shares. Calculate the dividend paid on the ordinary shares.
Question 10
A company issued 5,000 10% debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
Question 11
The following is an extract from the trial balance of XYZ Ltd. at 31st December 2022.
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦80,000, and Common Stock ₦200,000. What is the total amount of the company's liabilities?
Question 13
A company has the following trial balance:
Debtors: ₦50,000;
Creditors: ₦30,000;
Capital: ₦100,000;
Profit: ₦20,000.
Determine the total amount of assets, liabilities, and equity of the company.
Question 14
A company issued 5,000 10% debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
Question 15
A company's profit for the year ended 31st December 2020 was ₦1,200,000. Its capital consisted of ₦500,000 in 10% preference shares and ₦700,000 in ordinary shares. The company paid a dividend of 10% on the preference shares. Calculate the dividend paid on the ordinary shares.
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